Delayed Social Security Adjustments Disrupt Beneficiaries' Plans Amid Government Shutdown
The government shutdown has delayed the announcement of the 2024 Social Security cost-of-living adjustment (COLA), affecting millions of beneficiaries. The adjustment, initially scheduled for October 11, is now set for October 24, amid concerns that it won't suffice to counter rising living costs, especially for older Americans.
- Country:
- United States
The ongoing government shutdown has pushed back the announcement of the annual Social Security cost-of-living adjustment (COLA) for millions of recipients. Initially slated for October 11, the announcement will now be made on October 24, aligning with the release of the September Consumer Price Index.
Beneficiaries, including retirees and disabled individuals, are expressing frustration as the delay complicates financial planning. Predictions by Senior Citizens League and the AARP suggest a 2.7% increase, which many fear won't adequately cover escalating living expenses.
Amidst this uncertainty, lawmakers are urged to recalibrate how the COLA is figured, debating a shift to the Consumer Price Index for the Elderly (CPI-E) that better reflects older Americans' spending. With the Social Security program nearing a financial crossroads, recipients and advocates stress the urgency of legislative action.
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